As the US presidential election campaign continues, Donald Trump surprises everyone with the announcement of his cryptocurrency. A few hours after the failed attack on the tycoon, the American presidential candidate has in fact launched the cryptocurrency platform which aims to revolutionize the world of finance in the United States and beyond.
A move, that of the former president and his family (supported by his children), a bit in contrast with the words of the past of the entrepreneur who had said he was against cryptocurrencies. But he seems to have changed his mind.
Trump’s Cryptocurrency Platform
The launch of Trump’s cryptocurrency platform came on the night between Monday 16 and Tuesday 17 September, just a few hours after the failed attack on the US presidential candidate. In a live broadcast on X, his son Donald Jr. presented World Liberty Financialcalling it a true financial revolution. But why?
As reported by Trump themselves, the cryptocurrency platform wanted by the tycoon is one that will allow you to sell, buy or exchange cryptocurrencies without intermediarieswith users who will rely on the system that they will be able to negotiate with each other. World Liberty Financial, in fact, will allow users to make even large transactions without a bank getting in the way and extracting commissions.
In addition, all customers will be given the ability to vote in business decisions. The platform will provide services based on the so-called “decentralized finance”, which in turn is based on blockchain technology that theoretically keeps a record of transactions in an encrypted and secure way.
World Liberty Financial said the project aims to drive “mass adoption of stablecoins,” a type of cryptocurrency designed to maintain a constant value of $1.
From No to Rethinking Cryptocurrencies
But as mentioned, what is surprising is Donald Trump’s change of heart. In just a few years, in fact, the tycoon has gone from a clear no to cryptocurrencies to launching his own. Many, in fact, do not forget when the entrepreneur called cryptocurrencies “a scam”.
The current project is part of the presidential candidate’s attempt to make the United States the “crypto capital of the planet” with light regulation and a national bitcoin reserve.
A project that worries
But World Liberty Financial is already a hot topic and has raised concerns. Especially about the former president’s conflicts of interest and has even alarmed some of his most ardent supporters in the industry.
As reported by the New York Timesif Trump is elected in November, his involvement in the crypto venture would create serious conflicts of interest. The Securities and Exchange Commission has cracked down on the industry, arguing that nearly all cryptocurrencies are unregistered securities and should be regulated like stocks traded on Wall Street.
And it wouldn’t be the first problematic case for the tycoon, who during his political career has engaged in deals that even ethics experts have flagged as problematic. It is surprising, however, that Trump has decided to embark on this project just weeks before the vote, casting even more doubt on his election.
